https://www.taxtmi.com/caselaws?id=217209 The Tribunal affirmed the assessment of wealth tax on cash seized and deposited in the P.D. Account, ruling in favor of the department. The cash, although in possession of the Income Tax Department, was considered part of the assessee's net wealth as the legal ownership remained with the assessee. The Tribunal upheld the decision based on the provisions of the Wealth Tax Act and legal interpretations, dismissing the appeal and emphasizing that lack of possession did not negate ownership for wealth tax purposes. en-us Thu, 19 Jul 2012 00:00:00 +0530 Sat, 06 Oct 2012 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217209 The Tribunal affirmed the assessment of wealth tax on cash seized and deposited in the P.D. Account, ruling in favor of the department. The cash, although in possession of the Income Tax Department, was considered part of the assessee's net wealth as the legal ownership remained with the assessee. The Tribunal upheld the decision based on the provisions of the Wealth Tax Act and legal interpretations, dismissing the appeal and emphasizing that lack of possession did not negate ownership for wealth tax purposes. Case-Laws Wealth-tax Thu, 19 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217209